PUMPProPetro Holding Corp.

Oil & Gas Field Services, NEC

Revenue: $1.3B; 12% YoY
Operating margin: 0.5%; 104% YoY
EBITDA: $181M; 217% YoY
Market cap: $806M
Employees: 1,700; $747K revenue each
Net debt / EBITDA: 0.6×; $111M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
281× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$747K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$806M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$278M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$875M	$1.3B	$1.6B	$1.4B	$1.3B	12%
Operating income	−$69M	−$3M	$130M	−$167M	$6M	104%
Net income	−$54M	$2M	$86M	−$138M	$824K	101%
Operating cash flow	$155M	$300M	$375M	$252M	$232M	8.2%
Capex	$144M	$320M	$371M	$140M	$186M	33%
Stock-based comp	$12M	$22M	$14M	$17M	$17M	2.0%
Buybacks	$0	$0	$52M	$59M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 20, 2026	EXXON MOBIL CORP	SCHEDULE 13D/A	0.0%	Passive
May 3, 2024	EXXON MOBIL CORP	SC 13D/A	15.2%	Passive
Jul 20, 2022	THRC Holdings, LP	SC 13D/A	4.7%	Active
Jul 14, 2022	THRC Holdings, LP	SC 13D/A	5.0%	Active
Mar 30, 2022	THRC Holdings, LP	SC 13D/A	6.1%	Active
Mar 14, 2022	THRC Holdings, LP	SC 13D/A	7.3%	Active
Dec 22, 2021	THRC Holdings, LP	SC 13D/A	8.7%	Active
Sep 29, 2021	THRC Holdings, LP	SC 13D/A	7.4%	Active
Jan 19, 2021	THRC Holdings, LP	SC 13D	7.5%	Active
Jan 7, 2019	PIONEER NATURAL RESOURCES CO	SC 13D	16.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $278M · 4
Net: −$278M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	129	124
FY2024	—	—	83	96
FY2023	—	—	74	106
FY2022	—	—	92	153
FY2021	—	—	72	80